Car Travel & Parking meter HRMCTreatment

[css_jay99]

I dont want to be a pest, but how do I account for petrol/ car travel costs ?


css_jay99

[DaveB]

I dont want to be a pest, but how do I account for petrol/ car travel costs ?


css_jay99

Record the milage you do for each work related trip and keep your receipts every time you fill up with fuel.

The VAT man allows a standard rate of 40p per mile for the first 10,000 miles in a year and 25p per mile there after (IIRC).

VAT on that works out at 2p per mile at the higher rate and 1p at the lower. You should record this along with your milage claims so that you can claim back the VAT.

It's far, far easier to sign up to the Flate Rate Scheme. Then all you need do is record your mileage and keep your receipts as supporting evidence. No worries about VAT receipts etc. and it saves you money. This is assuming your are running your own Ltd and not in a composite/brolly/dodgy offshore scheme.

[ASB]

Record the milage you do for each work related trip and keep your receipts every time you fill up with fuel.

The VAT man allows a standard rate of 40p per mile for the first 10,000 miles in a year and 25p per mile there after (IIRC).

VAT on that works out at 2p per mile at the higher rate and 1p at the lower. You should record this along with your milage claims so that you can claim back the VAT.

It's far, far easier to sign up to the Flate Rate Scheme. Then all you need do is record your mileage and keep your receipts as supporting evidence. No worries about VAT receipts etc. and it saves you money. This is assuming your are running your own Ltd and not in a composite/brolly/dodgy offshore scheme.

In order to reclaim the VAT element you must know have petrol receipts showing vat of at least the total reclaimed. Some EC thing.

[DaveB]

In order to reclaim the VAT element you must know have petrol receipts showing vat of at least the total reclaimed. Some EC thing.

Yet another reason to get on the FRS.